Russia’s VTB Group reported a net profit calculated to IAS of $1.1 billion for 2006, more than double that of last year. VTB ended 2005 with a net profit of $511 million. The bank said assets rose by 36% to over $50b and capital increased by 26% to $6.7b last year. The results exceeded analysts’ expectations. The profit grew with the loan portfolio and non-interest income. The bank notably gained $99m from the sale of 8.8% in the KAMAZ truckmaker and $395m from the sale of about 19.8% in INTERNATIONAL MOSCOW BANK last December. The results may prod investors into buying an additional share issue by VTB, set for May 2007.
Source: VEDOMOSTI, March 7, 2007
